• Stafford Loans
• Loan Consolidation

Foreign Enrolled Loans

Loan Program Information

How do I qualify?

• You (the applicant) must be a U.S. Citizen, or permanent resident with a valid permanent-resident card;
• You must have a cosigner who is a US Citizen or permanent resident with a valid permanent-resident card;
• Your cosigner must meet our criteria for creditworthiness;
• Be at least 18 years old, or the age of majority in your state;
• Be enrolled at least half-time at an eligible foreign institution;

How much can I borrow?

• Annual minimum of $1,500
• Annual maximum of the lesser of $50,000 or cost of attendance
• Annual maximum of the lesser of $70,000 or cost of attendance for Dentistry, Law, Medicine, Osteopathic and Business School Loan

What is my interest rate going to be?

Different borrowers receive different rates, depending on the credit of your co-borrower and your repayment plan. Rates range from LIBOR + 6.8% to LIBOR + 18.6% (as of August 5, 2008).

Origination fee is now 8% on all loans (as of August 5, 2008).

Your specific interest rate and origination fee will be provided to you in the loan documents sent to you for review and signature, if you are approved for a loan. If you don't want the loan offered, simply cancel your loan at that point, at no cost or fee to you.

In School Rates as low as

• LIBOR + 6.80% (Immediate Interest and Deferred Principal Repayment)
• LIBOR + 6.80% (Both Deferred Interest and Principal Repayment)

Repayment Rates as low as

• LIBOR + 6.90% (Immediate Interest and Principal Repayment)
• LIBOR + 6.90% (Immediate Interest and Deferred Principal Repayment)
• LIBOR + 6.90% (Both Deferred Interest and Principal Repayment)

Other Benefits of The Foreign Enrolled Loan

• .25% interest rate reduction if you choose to have your loan payment automatically deducted from your bank account or if you make 48 consecutive on-time payments
• Minimum monthly payment of $50
• Full deferment and forbearance options available while in school, working towards a residency or internship, unemployed or experiencing an economic hardship, serving in the military or needing an administrative forbearance
• 6-month grace period before repayment begins

Annual Percentage Rate (APR) and Repayment Example - Best Borrower:

If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period, possible APR and repayment schedules for the best borrowers are shown below. Your annual percentage rate may increase or decrease after consummation.

Annual Percentage Rate (APR) and Repayment Example - Mid-Tier Borrower:

If you borrowed $10,000 in a single installment, the 3-month LIBOR remained constant at 2.68% (as of July 1, 2008) and you had a 24-month combined in-school and 6-month grace period with a 240-month repayment period, possible APR and repayment schedules for mid-tier borrowers are shown below. Your annual percentage rate may increase or decrease after consummation.

Foreign Enrolled Loans funded by Doral Bank NY FSB, an Equal Opportunity Lender.

Please learn more about the Foreign Enrolled Loan: